Veteran reinsurance chief Tatsuhiko Hoshina has stepped down as CEO of the firm he helped found in Bermuda more than a decade ago.

But Mr Hoshina will continue his links with the company as vice-chairman of the board of directors of Tokio Millenium Re (TMR).

TMR, which is now domiciled in Switzerland and maintains offices on Pembroke’s Pitts Bay Road, announced a series of management changes.

Mr Hoshina joined the firm when it started in 2000 and has led it since 2006, overseeing its growth from a $125 million Bermuda property catastrophe reinsurer to a $1.2 billion global multi-line company.

He said: “It is time for the next generation to build upon our success.”

Stephan Ruoff, currently Tokio Millenium Re’s deputy CEO, chief underwriting officer and head of Europe, will take over the top job next April, subject to regulatory approval. He will be based in Zurich, Switzerland and will continue as Europe chief.

And Ian Brimecome has taken over as chairman of the board of directors of the firm, which is a subsidiary of Japanese insurance giant Tokio Marine and Nichido Fire Insurance.

He said: “We look forward to Mr Hoshina’s continued guidance and contributions to the company’s business in his new role as vice-chairman, as well as his contribution to Tokio Marine Group’s strategic initiatives.”

Mr Hoshina said: “Stephan is a very experienced reinsurance professional whom I have great confidence in to successfully expand TMR AG to its next level.

“I would like tht thank our clients, brokers and business partners for all the support provided to TMR AG and I look forward to working with Stephan, Ian and the rest of the board to achieve the expansion plan of TMR AG and to continue playing an integral role in the globalisation of the Tokio Marine Group.”